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Vacationers and other adventurers planning to go parasailing may want to think twice. A new special investigative report has found that the activity is largely unregulated, with serious accidents frequently caused by faulty equipment.

Each year, an estimated three to five million people in the United States and its territories participate in parasailing, and although the safety of each of them “is dependent on the skill and expertise of the master (parasail operator) and the acceptable condition of the equipment,” there are: no federal regulations or guidelines that establish specific training or certification for parasailing operators; no requirement for inspection of the parasailing equipment; and no requirement to suspend operations during inclement or unsuitable weather conditions.

Those were the results of the report, "Parasailing Safety," released earlier this month by the National Transportation Safety Board (NTSB), an independent federal agency.

Parasailing often occurs in changing weather conditions with participants suspended 500 feet or more above the water’s surface, and accidents often result in either serious injury or death, according to the agency’s investigation, its first into parasailing safety.

“An afternoon of parasailing can have tragic results if something as simple as a weak towline, strong winds, or a worn harness causes a serious accident,” Christopher A. Hart, the agency’s acting chairman, said in a statement. “It is crucial that operators are competent and aware of all the risks associated with parasailing.”

The report cited accidents that occurred in Florida, Hawaii, North Carolina and the U.S. Virgin Islands that resulted in eight deaths and five injuries, including several in which individuals were dragged by an inflated parasail canopy across water and land and into obstacles.

A few examples highlighted:

- In Panama City Beach, Fla, on July 1, 2013, two female teenagers were seriously injured after the towline broke in high winds and the canopy struck a beachfront condominium.

- In Pompano Beach, Fla., on Aug. 16, 2012, a woman died after her harness separated from the flight bar, causing her to fall 450 feet into the ocean.

- In Ocean Isle Beach, N.C., on Aug. 28, 2009, two women died after the towline broke in high winds and the canopy dragged the women through the water and into a pier.

During the investigations, a variety of safety concerns, including vessel operators who continued to operate in hazardous wind conditions, use of inadequate equipment or unserviceable gear, and towline strength that was in some cases compromised, were identified.

The report noted that some safety risks could be mitigated if operators were required to have at least a “minimum level of experience and professional competence,” so it recommended that the United States Coast Guard implement a special license endorsement for parasail operators.

Investigators also found that tying knots in the towline may significantly weaken the rope. The agency issued a new Safety Alert, “Towline Failure is the Leading Cause of Injury and Death in Parasailing Accidents.”

In total, the NTSB issued six new safety recommendations to the United States Coast Guard, the Federal Aviation Administration, and the National Association of State Boating Law Administrators aimed to improve safety for parasailing passengers and operators.

Click here for the full “Parasailing Safety” report and here for the executive summary, safety alert and recommendations.